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The Fundamentals of the Oil Drilling Process
Mukluk Island became the land of bankruptcy for many oil refiners in 1983 when they spent nearly $2 billion on finding oil stains at Beaufort Sea, north of Alaska. This proves that oil drilling is one of the most expensive ventures and involves a lot of risk and huge losses. The Arizona Geological survey revealed that around $400,000 to $1,000,000 are spent while drilling, depending on the location, size and depth of the hole.Trading Profits by Increasing Your Odds
Trading is much like playing baseball. Or better said, traders are much like baseball players. There are those players always looking to hit it out of the park.
Five thousand years back in the Middle East, oil was drilled out of the ground for daily use by people. They painted their boat surfaces with crude oil to make them waterproof. They also used it for certain medications. Apart from that, it was also used for lighting residential regions. Earlier, whale oil was used for lighting purposes, but this resulted in a decrease in the whale population, which led to the rise in prices of oil. Hence the demand raced out the supply, resulting in adverse conditions.
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